It took only two minutes for the British Guinea one-cent magenta stamp to be sold to an anonymous bidder,

The stamp had been sold three times before, each time setting the auction record for a single stamp.

It measures just 1in by 1in (2.5cm by 3.2 cm), and had not been publicly exhibited since 1986.

Sotheby's auction house said that apart from setting a new world record price for a stamp, it was also the most expensive item by weight and size ever sold.